MUMBAI, Nov 13 (Reuters) - India’s market regulator tightened disclosure and review norms for credit rating agencies (CRAs) on Tuesday, following concerns this year after the firms after they failed to raise timely red flags ahead of the collapse of one of India’s top shadow banks.

The Securities and Exchange Board of India (SEBI) ordered CRAs to analyse deterioration in the liquidity conditions of an issuer, while monitoring its repayment schedules and taking into account any asset-liability mismatches.

The regulator also said CRAs should disclose parameters such as liquid investments or cash balances, access to any unutilised credit lines and adequacy of cash flows in a specific section on liquidity.

Rating agencies have come under pressure from authorities and investors over their failure to proactively flag financial problems at Infrastructure Leasing and Financial Service Ltd’s (IL&FS) until after a subsidiary defaulted on some of its debt this year.

A string of subsequent defaults at IL&FS triggered sharp declines in Indian stock and debt markets spreading fears of contagion within the rest of the country’s financial sector, and prompting the government to step in and take control of IL&FS. (Reporting by Abhirup Roy Editing by Euan Rocha)